Larry McAnarney
815-703-4745
HECM Reverse Mortgage
About the HECM Reverse Mortgage
The HECM Reverse Mortgage is the most popular reverse mortgage in the country; currently almost 100% are HECM reverse mortgages. HECM Loans were created by HUD (the Department of Housing and Urban Development) and they are insured by the FHA (Fedaral Housing Administration). The fact that the HECM reverse mortgage is, essentially, a product of the US Government gives the borrower a great deal of assurance, and is why this type of loan is so popular.
HECM Reverse Mortgages Borrower Requirements
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
HECM Reverse Mortgage Payment Options
- >> Lump sum disbursement
- >> Monthly payments
- >> Line of credit
- >> A combination of the Above
To learn more about the HECM reverse mortgage, or to request free HECM Information, please Contact us today. There is no obligation, and the information is free. You may visit the following link to return to the ReverseMortgage home page, or or request a free Reverse Mortgage Quote online.